Business
CBN To Unify Payments, Begins National Domestic Scheme Implementation
The much-touted National Domestic Card Scheme announced by the Central Bank of Nigeria (CBN) is billed to start on January 16, 2023.
The CBN, in partnership with the Nigeria Inter-bank Settlement System (NIBBS), said the scheme is to unify payments in Nigeria and bring in the unbanked population.
The card scheme is also expected to rival big industry players industry such as Mastercard and Visa.
According to NIBBS, the card will become effective on January 16, 2023.
A statement by CBN’s Director of Corporate Communications, Osita Nwanisiobi in October 2022, said that due to the size of Nigeria as Africa’s largest and most vibrant economy and speed of digitisation and innovation including the expansion of mobile access and proactive policy initiatives of the apex bank, it is important to accelerate the adoption of digital financial services.
Nwanisiobi said: “Considering the strength and breadth of its banking sector and the rapid growth and transformation of its payments system over the last decade, Nigeria is ideally positioned to successfully launch a national card scheme.
“Domesticating our card scheme also enhances data sovereignty, enabling the development of locally relevant products and services and reduces demands on foreign exchange.”
CBN lists functions of the card.
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The CBN spokesman also said the card could also be used as a platform to disseminate government-to-person payments and other social initiatives to enhance financial access and support the growth of a strong and inclusive digital economy, according to reports.
The card would be delivered via NIBBS, the country’s central switch system in partnership with the Bankers Committee and other industry players.
“It will foster innovation within the Nigerian domestic market, while enabling African and international interoperability, allowing banks and other institutions to offer a variety of solutions including debit, credit, virtual, loyalty and tokenized cards amongst others,” he said.
Part of the plan for the card is to reduce dependence on cash transactions, improve fraud management and better dispute management around card operating systems, Premium Times said.
The CBN added that the card will incorporate products such as debit cards, credit cards and non-interest cards, among others.
Business
Again, Dangote Refinery Hikes Fuel Price
Dangote Refinery has increased the ex-depot price of petrol by N75, bringing the price up to N1,350 per litre from the previous price of N1,275.
This is the first fuel increase by the Refinery in the month of May.
READ ALSO:JUST IN: Dangote Refinery Reduces Petrol Price
This latest development is coming seven days after the refinery raised its ex-depot price from N1,200 to N1,275 per litre.
Recall that the refinery on April 29 increased the ex-depot price of petrol by N75.
Business
Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO
Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”
He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.
Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”
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According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.
The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.
He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.
According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.
READ ALSO:Senatorial Seat: Ogbakha-Edo Warns Against Imposition Of Candidates In Edo South
He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.
“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.
“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.
“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”
When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”
Business
JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike
Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.
Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.
This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.
Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.
According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.
READ ALSO:Drivers Protest Fuel Increase, Raise Fares in Benin
However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.
This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.
Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.
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